Materiality of disclosures is one of the fundamental principles of the nonfinancial reporting regime introduced by the Directive 2014/95/EU (“NFI Directive”). However, despite its close link to the principle of materiality for financial reporting, specific issues arise in the context of these new reporting requirements—leading to a conception that is different also from existing definitions in the field of similar reporting practices. Furthermore, there are different types of “materialities” to be found within the Directive itself. So far, this topic has not been addressed systematically in literature, leaving many questions open and causing confusion by both preparers and readers on nonfinancial reports. Consequently, this paper identifies and links the various types of materiality by analysing, contextualizing and interpreting the relevant sections of the Directive 2014/95/EU and other reporting frameworks. It is shown that despite the expectations of many, with regards to materiality, the reporting requirements of the Directive 2014/95/EU are closer to integrated reporting than it is to sustainability reporting.